Ultratech, Inc.
Oct 18, 2012

Ultratech Announces Third Quarter 2012 Results

SAN JOSE, Calif.--(BUSINESS WIRE)-- Ultratech, Inc. (Nasdaq: UTEK) today announced unaudited results for the three-month period ended September 29, 2012.

For the third quarter of fiscal 2012, Ultratech reported net sales of $60.5 million as compared to $54.9 million during the third quarter of fiscal 2011. Ultratech's net income for the third quarter of 2012 was $12.4 million, or $0.45 per share (diluted), as compared to net income of $10.5 million, or $0.39 per share (diluted) for the same quarter last year.

Arthur W. Zafiropoulo, Chairman and Chief Executive Officer, stated, "We achieved another quarter of strong financial results, and we believe the outlook for Ultratech remains bright. We have taken advantage of our strong financial position to invest in new and complementary products that further enhance our market leading position in advanced packaging, laser spike annealing and high-brightness LEDs. We believe that our highly focused business strategy, leading technology capabilities, and strong customer relationships position us well to continue our track record of success."

At September 29, 2012, Ultratech had $280.9 million in cash, cash equivalents and short-term investments. Working capital was $331.5 million and stockholders' equity was $12.93 per share based on 27,021,299 total shares outstanding as of September 29, 2012.

Conference Call Information

The conference call will be broadcast live over the Internet beginning at 11:00 a.m. Eastern Time/8:00 a.m. Pacific Time on Thursday, October 18, 2012. To listen to the call, dial 877/941-2068 (toll free) or 480/629-9712 (international) 10 minutes prior to the start time. The passcode is 4568753. A live webcast will also be available on the Investor Relations section of Ultratech's website at http://ir.ultratech.com. A replay of the call will be available at the same location or by dialing 800/406-7325 and entering access code: 4568753. The replay will be available until October 25, 2012.

About Ultratech

Ultratech, Inc. (Nasdaq: UTEK) designs, manufactures and markets photolithography and laser processing equipment. Founded in 1979, the company's market-leading advanced lithography products deliver high throughput and production yields at a low, overall cost of ownership for bump packaging of integrated circuits and high-brightness LEDs (HB-LEDs). A pioneer of laser processing, Ultratech developed laser spike anneal technology, which increases device yield, improves transistor performance and enables the progression of Moore's Law for 32-nm and below production of state-of-the-art consumer electronics. Visit Ultratech online at: www.ultratech.com.

Safe Harbor

Certain of the statements contained herein, which are not historical facts and which can generally be identified by words such as "anticipates," "expects," "thinks," "intends," "will," "could," "believes," "poised," "estimates," "continues," and similar expressions, are forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties, such as risks related to timing, delays, deferrals and cancellations of orders by customers, including as a result of semiconductor manufacturing capacity as well as our customers' financial condition and demand for semiconductors; demand for consumer devices; industry growth within the company's served markets; continued delivery of financial performance and value; cyclicality in the semiconductor and nanotechnology industries; our dependence on new product introductions and market acceptance of new products and enhanced versions of our existing products; lengthy sales cycles, including the timing of system installations and acceptances; lengthy and costly development cycles for laser-processing and lithography technologies and applications; integration, development and associated expenses of the laser processing operation; general economic and financial market conditions including impact on capital spending, as well as difficulty in predicting changes in such conditions; rapid technological change and the importance of timely product introductions; customer concentration; pricing pressures and product discounts; high degree of industry competition; intellectual property matters; changes in pricing by us, our competitors or suppliers; international sales and operations; timing of new product announcements and releases by us or our competitors; ability to volume produce systems and meet customer requirements; sole or limited sources of supply; effect of capital market fluctuations on our investment portfolio; ability and resulting costs to attract or retain key personnel; dilutive effect of employee stock option grants on net income per share, which is largely dependent upon our achieving and maintaining profitability and the market price of our stock; mix of products sold; outcome of litigation; manufacturing variances and production levels; timing and degree of success of technologies licensed to outside parties; product concentration and lack of product revenue diversification; inventory obsolescence; asset impairment; changes to financial accounting standards; effects of certain anti-takeover provisions; future acquisitions; volatility of stock price; foreign government regulations and restrictions; business interruptions due to natural disasters or utility failures; environmental regulations; and any adverse effects of terrorist attacks in the United States or elsewhere, or government responses thereto, or military actions in Iraq, Afghanistan and elsewhere, on the economy, in general, or on our business in particular. Such risks and uncertainties are described in Ultratech's SEC reports including its Annual Report on Form 10-K filed for the year ended December 31, 2011 and our quarterly report on Form 10-Q for the quarter ended June 30, 2012. Due to these and additional factors, the statements, historical results and percentage relationships set forth herein are not necessarily indicative of the results of operations for any future period. These forward-looking statements are based on management's current beliefs and expectations, some or all of which may prove to be inaccurate, and which may change. We undertake no obligation to revise or update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.

(UTEK-F)

 
ULTRATECH, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

  Three Months Ended     Nine Months Ended
Sep 29,     Oct 1,     Sep 29,     Oct 1,
(In thousands, except per share amounts)   2012     2011     2012     2011
Total net sales* $ 60,547 $ 54,944 $ 169,234 $ 156,272

Cost of sales:

Cost of products sold 22,844 21,935 64,825 64,013
Cost of services     3,534         3,614         9,801         11,671  
Total cost of sales     26,378         25,549         74,626         75,684  
Gross profit 34,169 29,395 94,608 80,588

Operating expenses:

Research, development and engineering 7,745 6,349 22,280 17,832
Selling, general, and administrative     11,469         11,484         32,938         32,301  
Operating income 14,955 11,562 39,390 30,455
Interest expense (1 ) (4 ) (6 ) (16 )
Interest and other (expense) income, net     126         (74 )       208         40  
Income before income taxes 15,080 11,484 39,592 30,479
Provision for income taxes     2,638         1,020         5,779         2,420  
Net income   $ 12,442       $ 10,464       $ 33,813       $ 28,059  

Earnings per share - basic:

Net income $ 0.46 $ 0.40 $ 1.27 $ 1.09
Number of shares used in per share calculations — basic 27,047 25,977 26,635 25,678

Earnings per share - diluted:

Net income $ 0.45 $ 0.39 $ 1.23 $ 1.05
Number of shares used in per share calculations — diluted     27,777         26,647         27,481         26,620  
* Systems sales $ 49,743 $ 44,827 $ 138,476 $ 127,189
Parts sales 6,499 4,456 16,394 13,547
Service sales 3,652 5,361 13,061 14,786
License sales     653         300         1,303         750  
Total sales   $ 60,547       $ 54,944       $ 169,234       $ 156,272  
 

 
ULTRATECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
           
                         
Sep 29, December 31,
(In thousands )           2012           2011*
ASSETS (Unaudited)
 

Current assets:

Cash, cash equivalents and short-term investments $ 280,876 $ 227,947
Accounts receivable 50,326 56,506
Inventories, net 47,746 41,285
Prepaid expenses and other current assets       6,556             6,848
Total current assets 385,504 332,586
 
Equipment and leasehold improvements, net 18,806 16,009
Intangibles assets, net 8,171 452
Other assets             5,158             4,401
 
Total assets           $ 417,639           $ 353,448
 
                         
LIABILITIES AND STOCKHOLDERS' EQUITY
 

Current liabilities:

Notes payable $ 1,000 $ 1,000
Accounts payable 15,529 10,980
Deferred product and service income 21,667 14,953
Other current liabilities           15,795             22,373
Total current liabilities 53,991 49,306
 
Other liabilities 14,324 8,113
 
Stockholders' equity             349,324             296,029
 
Total liabilities and stockholders' equity     $ 417,639           $ 353,448
 
* The balance sheet as of December 31, 2011 has been derived from the audited financial statements as of that date.

Ultratech, Inc.
Bruce R. Wright, 408-321-8835
Senior Vice President and CFO
or
Investor Relations:
The Blueshirt Group
Suzanne Craig, 415-217-4962
suzanne@blueshirtgroup.com
or
Melanie Friedman, 415-217-4964
melanie@blueshirtgroup.com

Source: Ultratech, Inc.

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